Wirecard's troubles appeared to start after a Jan. 30 report by the Financial Times said a senior executive at the company used forged and backdated contracts, possibly to inflate revenue.
The newspaper, which cited a whistleblower and internal documents, said Edo Kurniawan, who runs the firm's Asia-Pacific accounting and finance operations, ordered potentially fraudulent transactions.
The report said a document showed how 37 million euros ($42 million) moved in and out of Wirecard's subsidiaries and external businesses across seven sets of complex transactions flagged as suspicious.
It also describes a practice called "round-tripping," which is where a series of potentially dubious transactions are made across borders to various units, with the apparent aim of making such transactions look legitimate to local auditors.
One example the FT cites entails money changing hands between Wirecard's operations in Hong Kong and Singapore and two of its subsidiaries in India.